Correlation Between Jiangnan Mould and China Mobile
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By analyzing existing cross correlation between Jiangnan Mould Plastic and China Mobile Limited, you can compare the effects of market volatilities on Jiangnan Mould and China Mobile and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Jiangnan Mould with a short position of China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and China Mobile.
Diversification Opportunities for Jiangnan Mould and China Mobile
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangnan and China is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and China Mobile Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Mobile Limited and Jiangnan Mould is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Jiangnan Mould Plastic are associated (or correlated) with China Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Mobile Limited has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and China Mobile go up and down completely randomly.
Pair Corralation between Jiangnan Mould and China Mobile
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 1.64 times more return on investment than China Mobile. However, Jiangnan Mould is 1.64 times more volatile than China Mobile Limited. It trades about 0.04 of its potential returns per unit of risk. China Mobile Limited is currently generating about 0.05 per unit of risk. If you would invest 495.00 in Jiangnan Mould Plastic on October 11, 2024 and sell it today you would earn a total of 178.00 from holding Jiangnan Mould Plastic or generate 35.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. China Mobile Limited
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| China Mobile Limited |
Jiangnan Mould and China Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and China Mobile
The main advantage of trading using opposite Jiangnan Mould and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, China Mobile can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in China Mobile will offset losses from the drop in China Mobile's long position.| Jiangnan Mould vs. Guangxi Wuzhou Communications | Jiangnan Mould vs. Iat Automobile Technology | Jiangnan Mould vs. Cowealth Medical China | Jiangnan Mould vs. Fibocom Wireless |
| China Mobile vs. Tianjin Silvery Dragon | China Mobile vs. Ningbo Tip Rubber | China Mobile vs. Xinjiang Baodi Mining | China Mobile vs. Jiangnan Mould Plastic |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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